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ITAT allowed the assessee's appeal. It held that the disputed amount received from a purchaser as advance against sale of two farmhouses, duly supported by executed and cancelled agreements seized during search and subjected to TDS u/s 194I, constituted genuine business advances and not unexplained cash credits u/s 68. The assessee established the investor's creditworthiness and the genuineness of the transaction; hence the s.68 addition was deleted. Further, additions based on documents seized from a third party were quashed as the AO failed to follow the mandatory procedure and obtain approval under Explanation 2 to s.148.
ITAT allowed the assessee's appeal. It held that the disputed amount received from a purchaser as advance against sale of two farmhouses, duly supported by executed and cancelled agreements seized during search and subjected to TDS u/s 194I, constituted genuine business advances and not unexplained cash credits u/s 68. The assessee established the investor's creditworthiness and the genuineness of the transaction; hence the s.68 addition was deleted. Further, additions based on documents seized from a third party were quashed as the AO failed to follow the mandatory procedure and obtain approval under Explanation 2 to s.148.
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